Labour front benchers have urged the government to work with the opposition, business and trade unions to protect British interests from planned European regulation of the pensions and insurance industries.
Shadow chief secretary to the Treasury Rachel Reeves and shadow business secretary Chuka Umunna (pictured) warned of the impact of the European Union (EU) plans in a joint letter to their counterparts in the cabinet Danny Alexander and Vince Cable. They warned that the proposed overhaul of the Institutions for Occupational Retirement Provision (IORP) Directive would divert hundreds of billions of pounds from British businesses and deter pension funds from investing in the UK. The letter added that the Solvency II directive for insurance companies could damage the international competi...
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